TriOptima and LCH.Clearnet’s SwapClear Complete the First South
African Rand Compression Cycle for Cleared Swaps

$284.3 billion eliminated in notional

October 06, 2014 08:00 AM Eastern Daylight Time

NEW YORK & LONDON--(BUSINESS WIRE)--TriOptima, leading provider of OTC derivative post trade services,
announces that LCH.Clearnet’s SwapClear members have eliminated $284.3
billion in notional in the first triReduce and SwapClear compression
cycle for cleared South African rand (ZAR) interest rate swaps.

With the completion of the ZAR cycle, TriOptima and SwapClear now offer
multilateral triReduce compression cycles in 10 currencies. Since May
2014, five currencies have been added, beginning with AUD and CAD in
June, HUF* in July, PLN** in August, and ZAR in September. TriOptima and
LCH.Clearnet offered the first multilateral compression for cleared
trades in 2009 and since then multiple cycles have been completed in
CHF, EUR, GBP, JPY and USD. Cycles in the new currencies will also be
regularly scheduled.

The total eliminated by LCH.Clearnet’s SwapClear members in triReduce
cycles at the end of August reached $330 trillion, $126 trillion in 2014
alone. TriOptima has eliminated more than $500 trillion in both cleared
and uncleared credit, interest rate and commodity swaps since it began
offering its triReduce service in 2003.

Daniel Maguire, Global Head of LCH.Clearnet’s SwapClear said:
“Compression is gaining momentum as the participation in this first
triReduce and SwapClear ZAR cycle demonstrates. The industry recognises
that it is the right move to help control operational and credit risk
and minimise capital costs. Managing systemic risk is equally as
important for South Africa as it is for any other jurisdiction, hence
our dedication to providing ZAR-denominated IRS clearing and compression
solutions to market participants in the region.”

“We are committed to working with LCH.Clearnet SwapClear and its members
to expand the opportunities for compression in the clearinghouse,” said
Peter Weibel, CEO of triReduce. “We understand the importance of
reducing the size of portfolios both for the clearinghouse members and
for the financial system overall.”